Low Volatility

lowvol · 8/6/2026 12:52 AM CT · inside its mandate

NAV / unit

100.0426

Return

+0.04%

Value

$100,042.58

Cash

5.0%

Positions

18

Max drawdown

+0.00%

Today, pass by pass

8/6/2026 12:52 AM CT

NAV per unit, daily

Exposure

95% long · 0% short · 5% cash · net +95%

What this fund believes

Thesis

The least volatile stocks have delivered better risk-adjusted returns than the most volatile ones, contradicting the textbook.

Lineage

Haugen and Baker (1991); the low-volatility anomaly.

The regime that kills it

Speculative melt-ups. When junk rallies hardest, defensive names are left behind and the strategy underperforms badly for years.

How it decides

Decision inputs

one-year realised volatility, ranked low to high

Cadence

Reconsiders every 60 days; holds 18 positions at target; refused buys fall through to the next-ranked name.

Universe

the shared 52-stock universe

Its mandate versus the base mandate

Limit	This fund	Base mandate
maxSingleEquityPct	6.0	7.0	tuned
maxSingleEtfPct	5.0	5.0
maxSectorPct	35.0	35.0
cashMinPct	5.0	10.0	tuned
cashMaxPct	15.0	20.0	tuned
minPositions	15	15
maxPositions	30	30
maxNonUsPct	10.0	10.0
allowShorting	True	True
maxSingleShortPct	4.0	4.0
maxGrossShortPct	40.0	40.0
shortCollateralCoverage	1.0	1.0
allowLeverage	False	False

Current holdings, and why each is held

Ticker	Class / sector	Weight	Last	P&L	Rationale recorded at entry
COST	Consumer Discretionary	5.32%	950.15	+0.82%	Low Volatility: ranked 7 of 52 on Low Volatility (score 88.2)
MA	Consumer Discretionary	5.29%	573.00	+0.39%	Low Volatility: ranked 12 of 52 on Low Volatility (score 78.4)
PEP	Consumer Staples	5.29%	139.36	+0.37%	Low Volatility: ranked 8 of 52 on Low Volatility (score 86.3)
BAC	Finance	5.28%	63.35	+0.11%	Low Volatility: ranked 9 of 52 on Low Volatility (score 84.3)
KO	Consumer Staples	5.28%	86.90	+0.03%	Low Volatility: ranked 5 of 52 on Low Volatility (score 92.2)
NEE	Utilities	5.28%	85.99	+0.04%	Low Volatility: ranked 11 of 52 on Low Volatility (score 80.4)
JPM	Finance	5.28%	359.53	+0.03%	Low Volatility: ranked 13 of 52 on Low Volatility (score 76.5)
V	Consumer Discretionary	5.28%	368.79	+0.02%	Low Volatility: ranked 10 of 52 on Low Volatility (score 82.3)
XOM	Energy	5.27%	151.75	+0.03%	Low Volatility: ranked 19 of 52 on Low Volatility (score 64.7) (replacing a refused pick)
CVX	Energy	5.27%	186.51	+0.00%	Low Volatility: ranked 15 of 52 on Low Volatility (score 72.5)
DUK	Utilities	5.27%	123.34	-0.05%	Low Volatility: ranked 1 of 52 on Low Volatility (score 100.0)
SO	Utilities	5.27%	93.10	-0.05%	Low Volatility: ranked 2 of 52 on Low Volatility (score 98.0)
CL	Consumer Discretionary	5.27%	93.28	-0.05%	Low Volatility: ranked 14 of 52 on Low Volatility (score 74.5)
MCD	Consumer Discretionary	5.27%	273.88	-0.10%	Low Volatility: ranked 4 of 52 on Low Volatility (score 94.1)
JNJ	Health Care	5.27%	257.37	-0.14%	Low Volatility: ranked 3 of 52 on Low Volatility (score 96.1)
T	Telecommunications	5.27%	23.04	-0.14%	Low Volatility: ranked 18 of 52 on Low Volatility (score 66.7)
PG	Consumer Discretionary	5.27%	146.63	-0.17%	Low Volatility: ranked 6 of 52 on Low Volatility (score 90.2)
PFE	Health Care	5.26%	25.76	-0.24%	Low Volatility: ranked 16 of 52 on Low Volatility (score 70.6)

Recent trades

ID	Date	Action	Ticker	Notional	Rationale
T-0020	2026-08-05	ENTRY	XOM	$5,275.36	Low Volatility: ranked 19 of 52 on Low Volatility (score 64.7) (replacing a refused pick)
T-0019	2026-08-05	EXIT	XOM	$5,270.36	Low Volatility: no longer ranks in the target portfolio
T-0018	2026-08-05	ENTRY	XOM	$5,275.63	Low Volatility: ranked 19 of 52 on Low Volatility (score 64.7) (replacing a refused pick)
T-0017	2026-08-05	ENTRY	T	$5,275.77	Low Volatility: ranked 18 of 52 on Low Volatility (score 66.7)
T-0016	2026-08-05	ENTRY	PFE	$5,275.91	Low Volatility: ranked 16 of 52 on Low Volatility (score 70.6)
T-0015	2026-08-05	ENTRY	CVX	$5,276.05	Low Volatility: ranked 15 of 52 on Low Volatility (score 72.5)
T-0014	2026-08-05	ENTRY	CL	$5,276.19	Low Volatility: ranked 14 of 52 on Low Volatility (score 74.5)
T-0013	2026-08-05	ENTRY	JPM	$5,276.33	Low Volatility: ranked 13 of 52 on Low Volatility (score 76.5)
T-0012	2026-08-05	ENTRY	MA	$5,276.47	Low Volatility: ranked 12 of 52 on Low Volatility (score 78.4)
T-0011	2026-08-05	ENTRY	NEE	$5,276.61	Low Volatility: ranked 11 of 52 on Low Volatility (score 80.4)
T-0010	2026-08-05	ENTRY	V	$5,276.75	Low Volatility: ranked 10 of 52 on Low Volatility (score 82.3)
T-0009	2026-08-05	ENTRY	BAC	$5,276.89	Low Volatility: ranked 9 of 52 on Low Volatility (score 84.3)
T-0008	2026-08-05	ENTRY	PEP	$5,277.03	Low Volatility: ranked 8 of 52 on Low Volatility (score 86.3)
T-0007	2026-08-05	ENTRY	COST	$5,277.16	Low Volatility: ranked 7 of 52 on Low Volatility (score 88.2)
T-0006	2026-08-05	ENTRY	PG	$5,277.30	Low Volatility: ranked 6 of 52 on Low Volatility (score 90.2)